Scott+Scott Announces the Approval of a $190 Million Settlement in Stockholder Derivative Action Involving Mark Zuckerberg and Meta Platforms, Inc.
DELAWARE — Scott+Scott Attorneys at Law LLP is proud to announce the Delaware Court of Chancery’s approval of a historic $190 million settlement in a long-running stockholder derivative action against Mark Zuckerberg, Sheryl Sandberg, and other current and former directors and officers of Meta Platforms, Inc., including Palantir co-founder Peter Thiel and Andreessen Horowitz co-founder Marc Andreessen.
First filed in 2018, this case arose from allegations of user privacy violations and the highly publicized Cambridge Analytica scandal, which revealed that the personal data of tens of millions of Facebook users was misused for political consulting purposes during President Donald J. Trump’s 2016 election campaign.
“This was the first case to take a Caremark claim to trial, and, in the process, we sent a clear message that even the most powerful directors and officers must take their oversight obligations seriously,” Scott+Scott Managing Partner David Scott said. The case also brought novel claims concerning Meta’s related regulatory settlement with the Federal Trade Commission and insider trading.
Scott+Scott was co-lead counsel in this action, along with Kaplan Fox & Kilsheimer LLP and Prickett Jones & Elliott, PA. The case is In re: Facebook Inc. Derivative Litigation, Consol. C.A. No. 2018-0307-KSJM (Del. Ch.), and the Scott+Scott team of attorneys includes partners Geoffrey M. Johnson, Maxwell R. Huffman, Justin O. Reliford, Jing-Li Yu, and Jimmy S. McBirney.